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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and investment securities.

			June 30, 2022												December 31, 2021
			Level 1			Level 2			Level 3			Net Balance			Level 1			Level 2			Level 3			Net Balance
Assets
Derivatives			$	—		$	39		$	—		$	39		$	—		$	29		$	—		$	29
Investment securities			952			6			7			965			1,033			—			8			1,041
Total assets			952			45			7			1,004			1,033			29			8			1,070
Liabilities
Derivatives			—			(91)			—			(91)			—			(49)			—			(49)
Total liabilities			$	—		$	(91)		$	—		$	(91)		$	—		$	(49)		$	—		$	(49)

Schedule of Reconciliation of Recurring Level 3 Fair Value Measurements

The following table provides a reconciliation of recurring Level 3 fair value measurements for investment securities:

			2022			2021
Balance at January 1			$	8		$	30
Proceeds at maturity			(1)			(22)
Balance at June 30			$	7		$	8

Schedule of Investment Securities Classified as Available for Sale

			June 30, 2022												December 31, 2021
			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
Investment securities (1)
Non-U.S. debt securities (2)			$	60		$	—		$	(7)		$	53		$	8		$	—		$	—		$	8
Equity securities			569			344			(1)			912			579			455			(1)			1,033
Total			$	629		$	344		$	(8)		$	965		$	587		$	455		$	(1)		$	1,041

(1)Losses recorded to earnings related to these securities were $130 million and $26 million for the three months ended June 30, 2022 and 2021, respectively, and $118 million and $813 million for the six months ended June 30, 2022 and 2021, respectively.

(2)As of June 30, 2022, $46 million is classified as trading securities and $7 million is classified as available for sale securities and mature within one year. As of December 31, 2021 our non-U.S. debt securities are classified as available for sale securities and mature within one year.

Schedule of Derivatives

The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.

			June 30, 2022						December 31, 2021
			Assets			Liabilities			Assets			Liabilities
Derivatives accounted for as hedges
Currency exchange contracts			$	—		$	(3)		$	—		$	(3)
Interest rate swap contracts			—			(51)			—			(10)
Derivatives not accounted for as hedges
Currency exchange contracts and other			39			(37)			29			(36)
Total derivatives			$	39		$	(91)		$	29		$	(49)

Schedule of Gains (Losses) From Derivatives not Designated as Hedges

The following table summarizes the gains (losses) from derivatives not designated as hedges in the condensed consolidated statements of income (loss):

Derivatives not designated as hedging instruments			Condensed consolidated statement of income caption			Three Months Ended June 30,						Six Months Ended June 30,
						2022			2021			2022			2021
Currency exchange contracts (1)			Cost of goods sold			$	(8)		$	(3)		$	(10)		$	9
Currency exchange contracts			Cost of services sold			11			(11)			14			(8)
Commodity derivatives			Cost of goods sold			(6)			3			3			5
Other derivatives			Other non-operating loss, net			2			—			2			—
Total (2)						$	(1)		$	(11)		$	9		$	6

(1)Excludes losses of $1 million and nil on embedded derivatives for the three months ended June 30, 2022 and 2021, respectively, and nil and a gain of $3 million during the six months ended June 30, 2022 and 2021, respectively, as embedded derivatives are not considered to be hedging instruments in our economic hedges.

(2)The effect on earnings of derivatives not designated as hedges is substantially offset by the change in fair value of the economically hedged items in the current and future periods.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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